While the previous thread got a little contentious, here is an update. As of yesterday the Senate approved HR2638, which is the final spending bill for Federal FY2008. Included in that bill under section 129 is $7.5 B in funding for auto manufacturers to draw on in order to retool to build advanced technology vehicles. This is the first installment of the $25 B they were promised last year but where no funding was allotted. IIRC this pot is open to all manufacturers with plants in the US - details can be found under the law referenced below (42 USC 17013d).
You can find the
details of HR2638 on THOMAS for your reading pleasure. The pertinent portions are under Division A of the legislation.
Quote:
Originally Posted by H.R. 2638 Division A
SEC. 129.(a) Notwithstanding any other provision of this joint resolution, there is appropriated $7,510,000,000 for fiscal year 2009 for `Department of Energy--Energy Programs--Advanced Technology Vehicles Manufacturing Loan Program Account' for the cost of direct loans as authorized by section 136(d) of the Energy Independence and Security Act of 2007 (Public Law 110-140; 42 U.S.C. 17013(d)), to remain available until expended. Of such amount, $10,000,000 shall be used for administrative expenses in carrying out the direct loan program. Commitments for direct loans using such amount shall not exceed $25,000,000,000 in total loan principal. The cost of such direct loans, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974.
(b) The amount provided by this section is designated as an emergency requirement and necessary to meet emergency needs pursuant to section 204(a) of S. Con. Res. 21 (110th Congress) and section 301(b)(2) of S. Con. Res. 70 (110th Congress), the concurrent resolutions on the budget for fiscal years 2008 and 2009.
(c) - omitted, N/A to post
EDIT: FYI, if some of you are closet economists and lawyers, pay attention to the
Senate's Active Legislation page. Once whatever financial bailout bill goes past draft and to a vote it will be posted there. Yes, bailout is a misnomer in this instance, but it is what Congress is actively calling the bill. Just like the above spending bill is the
FY 2008 Homeland Security Appropriations bill.
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